“Startups are a balancing act” according to John Crain – CEO of SuperRare Labs – as he shares tough news about his NFT marketplace. Sharing a long-form announcement on Slack and Twitter, Crain announced that the company will undergo a staff reduction of “about 30%”.
Citing the financial downturn and uncertainties following the FTX collapse, SuperRare made the mistake of over-hiring to compensate for the bullish climate.
To address the downturn, Crain added that the staff cuts were part of a ‘rightsizing’ of the company to adapt to the changing market while ensuring it can still serve its communities.
SuperRare is just the latest in a long line of companies in the crypto and web3 space that have undergone downsizing to adapt to the market. OpenSea and Coinbase, for example, have announced large-scale layoffs over the latter quarters of 2022.